Shares of Chinese automakers climbed in spite of news that the U.S. government is mulling a new proposal to ban Chinese and Russian car parts.

The Biden administration is proposing a rule to block the sale and import of Chinese- and Russian-made hardware and software for connected vehicles, potentially bolstering US security against a hacking threat that the Commerce Department describes as “very real.

The Biden administration has proposed a prohibition on Chinese and Russian automotive hardware and software to protect US drivers from 'disruption and sabotage'